All of una when dey say 5.2billion na small money, i just dey watch una oh.

@Union bank. Is it now that you know that small scale business exist? please, your manoeuvres are not intelligent enough.

solaugo: A Federal High Court in Lagos on Thursday restrained twenty commercial banks in Nigeria from honouring any withdrawal cheque from Sani Dangote, younger brother of the richest black man, Aliko Dangote and his companies, Dansa Foods Limited and Bulk Pack Services Limited.

The restraining order, according to the trial judge, Justice Okon Abang, is to be in force until September 11, 2014 when all applications filed in a suit brought by Union Bank against Dangote and his companies .

The judge also ordered all the banks involved to, within five days of the interim order, file affidavits declaring the defendants statement of accounts with them.

Union Bank had taken Dangote and his companies to court over alleged refusal to liquidate about N5.2bn loan granted them since September, 2008.

The bank, through its lawyer, Mr. Chukwudi Enebeli from the chambers of Mr. Kemi Pinheiro (SAN) had instituted suits seeking an order of mareva injunction to restrain all the defendants’ banks in Nigeria from allowing them withdraw funds from their accounts pending the determination of the suits.

The banks named are  Access, CITI, Diamond, Ecobank, Enterprise, Fidelity, Keystone, Mainstreet, Skye, Wema, Heritage, Sterling, Unity and Zenith Banks.

Others are  First Bank, First City Monument Bank, Guaranty Trust Bank, Stanbic IBTC, Standard Chartered Bank and United Bank for Africa.

In the affidavits in support of its suits, Union Bank Plc urged the court to urgently grant the mareva order  because in a bid to evade payment of the loan, Dangote has been making frantic efforts to deplete the funds in the accounts of his companies, and that the bank’s investigations revealed that the defendants had started diverting the funds to Dubai in the United Arab Emirates, Canada and Switzerland.

One Olufunmilola Ayoola, an official of the bank, who deposed to the bank’s affidavit,  alleged that the failure of the defendants to liquidate the monumental debt had negatively affected the Nigerian economy, a development which the bank claimed necessitated the suits.

According to Ayoola, Union Bank Plc has been having difficulty in extending credit facilities to small scale businesses which in turn would have helped in boosting the nation’s economy and salvage the country from its present malaise of corruption and under development crisis

Read more @ http://newsnownigeria.com.ng/shocking-court-freezes-dangotes-accounts-in-20-banks/

lmfao naija

M4gunners: All of una when dey say 5.2billion na small money, i just dey watch una oh.

for the 25th richest! It is chicken feeds!
Divide that by 162 to give u its valued amount internationally

mascot87: Foolish banks, because he his the brother of Dangote,they did not collect collateral from him more than what he wants to loan.If someone wants to loan #500000,they will ask him to present a collateral that is worth #5000000 & they will go & do charm so that d fellow will not be able to pay d money & they immediatly take over whatever he presents as collateral. Thunder fire there yansh

bros thats how it is, the name dangote is the collateral, thats how it works, the money will still come out.

And this same useless banks can't sponsore or loan farmers just $10000 to upgrade there farming business,it's a pity.

Common 5.2b when u have Dangote as a brother? God, I Shall Neva Be As Poor As Dangote IJN. AMEN!!!

Dansa foods is a popular company with good products. In fact their dansa mango juice is my favorite but they have a distribution impediment as the product isn't often available. And all this while, I reasoned, it belonged to Aliko Dangote.

Why all the negative news when one should uphold his obligations ? Smh

Ricmayak1: @Union bank. Is it now that you know that small scale business exist? please, your manoeuvres are not intelligent enough.

Unfortunately, it is just a ruse. I remember when I once worked for a certain M.A.N. chapter chairman, there was no day that bank officials didn't come to beg him to take a loan. They begged, and begged, and begged; even though the man didn't need the loan.
Go to these banks, you will see more deserving people begging for loans from these insensitive banks. Worse still, these applicants have brilliant ideas and intentions. Until there are well enforced laws forcing banks to lend to SMEs at single digit interest rates, expect more of the same from both the banks and their rich cronies.

This is very good for the banks, when well meaning Nigerians come to u begging for loans with great proposals what do u damn banks do u turn them away because u have the likes od dangote to loan the money to nw ur monies are lost. Dangote u are a smart business man.
Good painful lesson learnt, you(bank) u invested in him and the investment went sour why the hell are u disturbing the poor man

Just when I was about to go ballistic in requesting a credit facility worth 10b, this slowpoke will make the banks scrutinize the books for a reason to deny another Nigerian a loan. Never the best advise to think your family name can make you a maestro in business acumen.

EFCC should get this mor0n for capital flight and corrupt enrichment.

Say No to Liquity Exportation.

It's pure ego.

safarigirl: Oh, so dem loan am 5.2 billion naira because the dude na Dangote bros, yet dem no gree borrow we wey wan do Agric business 100,000 abi? Diaris Godu o

exactly...your so on point. lol.. na God catch them,i was in one of them to borrow 500,000 then they said i should bring a house document..na so i run

Silkmoth33: for the 25th richest! It is chicken feeds!
Divide that by 162 to give u its valued amount internationally

But not Aliko that is owning oh don't forget.

Another Job seekers will be unrisen.

sirjohnson: That reminds me, I came across this interesting post about the secret of Dangote's wealth. Read it Here. Trust me, everyone needs to read it.

Guy U no dey tire

solara:


Guy U no dey tire

Bros, I no dey tire o and I no go tire, no vex o.

mascot87: Foolish banks, because he his the brother of Dangote,they did not collect collateral from him more than what he wants to loan.If someone wants to loan #500000,they will ask him to present a collateral that is worth #5000000 & they will go & do charm so that d fellow will not be able to pay d money & they immediatly take over whatever he presents as collateral. Thunder fire there yansh

lol sorry but wait bros are you sure there was no collateral? cos i know most of dangote's businesses give a pledge on their assets, and other banks have a charge on the asset too so you cant liquidate until all the banks come together to agree

well no 2 and this is very important, I think you should work very hard build a solid name for yourself too so in the future your children can access big money just because they are your kids.

do you understand?

Union bank Sapele Delta State withholding my DEPOSITS SINCE 2012 TO DATE. CLAIMING DORMART ACCOUNT. Dangote do not pay them pls

morefire:


lol sorry but wait bros are you sure there was no collateral? cos i know most of dangote's businesses give a pledge on their assets, and other banks have a charge on the asset too so you cant liquidate until all the banks come together to agree

well no 2 and this is very important, I think you should work very hard build a solid name for yourself too so in the fiture your children can access big money just because they are your kids

do you understand?

And who told u that I am not working hard? when I get there, Dangote money will be my pocket money

safarigirl: Oh, so dem loan am 5.2 billion naira because the dude na Dangote bros, yet dem no gree borrow we wey wan do Agric business 100,000 abi? Diaris Godu o

If you really need Agric loan, and can meet the criteria, why not?

Mail me...

mascot87: Foolish banks, because he his the brother of Dangote,they did not collect collateral from him more than what he wants to loan.If someone wants to loan #500000,they will ask him to present a collateral that is worth #5000000 & they will go & do charm so that d fellow will not be able to pay d money & they immediatly take over whatever he presents as collateral. Thunder fire there yansh

Who told you they did not take collateral?

Infact, they must have taken collateral worth at least 150% of the amount disbursed.

Due diligence requires a bank, and indeed law abiding citizens, to take their case through the courts before taking necessary liquidation/recovery steps.

Sit back and watch as the drama unfolds...

lilprinze: 5.2billon that's not small money. Its good for the banks, All of them would be chasing big big people and their companies instead of them to support small and medium scale business. They would rather borrow 3billion to one man because he is from a rich family and deny N1000000 loan to the average man that is trying to start a small business. It Serves them right.

As soon as Nigeria becomes an accountable society, where it becomes difficult for anybody to just DISAPPEAR into THIN AIR, then the banks would become more receptive to START-UPs.

Until then, grow your business to an acceptable degree, then the banks would support you.

Hard to swallow, but that's the way it is...

PurestBoy: . . . and the foolish banks cannot loan me 1milla to foot my project.

Can you meet the necessary criteria?

Mail me...

Ricmayak1: @Union bank. Is it now that you know that small scale business exist? please, your manoeuvres are not intelligent enough.

And which bank does more small scale lending than Union Bank?

If you need something, why not approach them?

Dreyl: And this same useless banks can't sponsore or loan farmers just $10000 to upgrade there farming business,it's a pity.

I think Union Bank will UPGRADE your farm if it meets requirements.

They did for me...

Fact

kenomobola:

Unfortunately, it is just a ruse. I remember when I once worked for a certain M.A.N. chapter chairman, there was no day that bank officials didn't come to beg him to take a loan. They begged, and begged, and begged; even though the man didn't need the loan.
Go to these banks, you will see more deserving people begging for loans from these insensitive banks. Worse still, these applicants have brilliant ideas and intentions. Until there are well enforced laws forcing banks to lend to SMEs at single digit interest rates, expect more of the same from both the banks and their rich cronies.

inflation 8%

single digit loans? Pipe dream...

Economics no be moin moin...

Unionised:

I think Union Bank will UPGRADE your farm if it meets requirements.

They did for me...

Fact

alright!but i'm not a farmer though.

ibdeals1:

exactly...your so on point. lol.. na God catch them,i was in one of them to borrow 500,000 then they said i should bring a house document..na so i run

Keep running...

When you are ready to talk business, you go sit down.

If that bank did not take collateral for Dangotes loan, we would all call them fooks now.

The bank is not a charity organisation.

vineyardfarms: Union bank Sapele Delta State withholding my DEPOSITS SINCE 2012 TO DATE. CLAIMING DORMART ACCOUNT. Dangote do not pay them pls

So what stops you from re-activating the account, if truly its yours?

Dreyl: alright!but i'm not a farmer though.

Just approach them.

You'd be surprised...